The Millennials, the world’s most significant living generation, influence the real estate market. Their value systems differ from those of generation X or the baby boomers. It’s particularly noticeable in the context of housing.
Their ideas and attitudes toward work-life balance are prompting people to purchase condominiums. Millennials prefer short commutes, walkability, and amenities over huge residences on the outskirts. Their housing options are driven by cost-effectiveness, convenience, and comfort, which makes them prefer condos over other property types.
There are several reasons why detached homes are not appealing to Millennials. So, continue reading to see why condominiums are popular among Millennials.
LOCATION: CONDOS ARE NEARER TO MAJOR ESTABLISHMENTS
There’s one more trait that distinguishes Millennials from the rest. They are always drawn to the main areas of large cities while looking for a place to settle. Millennials have been relocating from the countryside to urban areas in recent years. That is, after all, where the action is in most cities.
Why would you want to live in a place without restaurants, entertainment, or culture? These reasons, taken together, are pushing millennials toward condo living. After all, the most appealing condo complexes are developed and projected in the heart of the cities. Living near the bustle also allows millennials to walk or ride their bikes to work.
When it comes to trendy places, it seems that investing in a condominium is the best housing choice.
AFFORDABILITY: EVEN WHEN COMPARED TO RENTING, BUYING A CONDO IS A MORE AFFORDABLE OPTION
The majority of condominiums are smaller than detached houses or townhouses. Lower real estate values are associated with less square footage. However, there is more to it than that. Millennials should think about the new trend in real estate investing when considering whether to rent or buy a condo. Condos are being purchased by new investors to be rented out.
In short to medium term, renting may appear less expensive than purchasing, but this is only true immediately. Consumers almost always spend more on rent than they ever would on a house loan and condominium expenses combined. And it is better to pay for something you’ll be able to call yours someday.
COST-EFFICIENT: MAINTENANCE AND OTHER MAJOR EXPENDITURES ARE SHARED
Another financial advantage of condos is that they are more cost-effective. All condo tenants are obligated to pay monthly for “condo maintenance fees.” While some people mistakenly feel that these costs are nothing more than unnecessary spending, they may save them a significant amount of money in the long run. Although most condo fees are used for routine upkeep, such as landscaping, snow clearing, and window cleaning, a tiny portion is set aside for a reserve fund. This fund is meant to cover unforeseen expenditures such as fixing a leaking roof or replacing a broken window. And that means you won’t have to pay for repairs out of your own wallet.
AMENITIES: MULTIPLE AMENITIES ARE PROVIDED BY CONDOS
The millennial generation is the busiest of all. With so many possibilities and difficulties all around them, many seem to be living under constant fear of losing everything. So, it causes them to maximize their life activities so that they want to have access to whatever they may require at any time they may desire it.
Most new upscale condo projects have a variety of amenities that make city life far more pleasurable. Rooftop pools, clubhouses, fully equipped gyms, and community gardens are standard features of the most modern, significant condo developments.
INVESTMENT: THE CONDO MARKET IS ON THE RISE, MAKING IT A GOOD INVESTMENT
Aside from the previously mentioned reasons, there is one more reason why Millennials prefer to live in and invest in condominiums. Purchasing a condominium appears to be a wise investment as residential real estate prices continue to rise.
As a result of the limited supply of condominiums and rising demand, millennials who invest in condos are setting themselves up for a good return one year down the line. The most foresighted Millennials recognize that purchasing a new apartment is an excellent investment option.
FINAL THOUGHTS
All of this does not imply that millennials have abandoned their ambition of having a single-family house and will live in condos for the rest of their lives. It’s just that at this stage in their lives, millennials prefer cost-effective, dynamic, and urbanized choices like condominiums. In today’s fast-paced world, living at the heart of everything and having access to the finest that the world has to offer makes a lot of sense.
Are you looking for the best condominium to invest in? Then Camella Manors offers top-tier frontier living in a resort-themed neighborhood with a breathtaking view of nature. All Camella Manors developments are ideally placed in the city core, where you can find a harmonic blend of sub-urban and well-preserved environments.
Furthermore, the well-being of its residents is Camella Manor’s top priority. At the same time, residents will feel comfortable and protected thanks to high-level security measures such as 24/7 security and an electric perimeter fence surrounding the whole building. Camella Manors is also committed to providing functional and lifestyle facilities such as a clubhouse, an alfresco fitness park, a swimming pool, a gym, and an outdoor community garden for its residents to enjoy their living experience to the fullest.
Besides, Camella Manors is an excellent investment that holds and appreciates over time. Due to the tremendous demand for Camella Manors condo units, buying a Camella Manors condo unit will be the wisest decision you will ever make. Prepare to reap all the benefits while improving your financial and investment portfolio!